By Corina Vanek | Phoenix Business Journal
Mack Real Estate Group, the New York-based real estate developer that has been aggressively growing its presence in Phoenix, bought 124 acres in north Scottsdale that can accommodate up to 4.3 million square feet of new development.
Mack bought the land, located on Bell Road and Loop 101, for $125 million at an Arizona State Land Department auction on March 7. The site can accommodate a variety of uses, including industrial, flex space and residential. Plans are still in the works to determine what the combination of uses will be on the site.
The site is east of where Nationwide Realty Investors is under construction on its massive Cavasson mixed-use development. The insurance company has already begun construction on office space at its site near Hayden Road and Loop 101, and has plans for hotels, multifamily residential and apartments on its land.
The land sold for much higher than its starting bid of $58.58 million, with several development groups vying for the parcel. According to the Arizona State Land Department, bidders at the auction in addition to Mack, were Baker Development Group, Verde Investments, Inc., FCP Fund V REIT Investor LLC and 101 & Bell Development Partners LLC.
“This parcel is the among the largest available undeveloped properties in Scottsdale, with an excellent location that can support a mix of logistics/last-mile space, flex space, and rental housing,” Richard Mack, CEO of Mack Real Estate Group, said in a statement. “As we proceed with pre-development, we will determine the right combination of uses for the site. On the industrial side, for instance, we see great potential for synergies with our Mack Innovation Park project in Deer Valley.”
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